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Elasticity vs inelasticity

Elasticity = (% Change in Quantity)/(% Change in Price)

Suppose the price of apples rises from $3 a pound to $3.45 and your consumption of apples drops from 30 pounds of apples a month to 21 pounds of apples. find out your price elasticity of demand of apples.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M926272

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